I mention from time to time the Baltic Dry Index, the Chinese stock market, the bond market etc looking for signs that the market is turning. The reason is because they experience shifts in liquidity and investor sentiment first. They are the first impacted. Societe Generale Albert Edwards had an interesting piece in his global strategy weekly about the leading nature of the Baltic Dry Index and produced the chart below. The original chart came from a blog called the Trader's Narrative I don't follow this blog and am not endorsing it. Anyway, very interesting graph. Points to another sign of a possible nearing top, even though at this point in the very short term it seems full steam ahead. Don't take this as Gospel. The leading nature of the Baltic dry index is definitely there but the correlation is not one.